Gift received by huf
This query is : Resolved
ashok bhurani
(Querist)
10 January 2017
For starting the business, HUF is created and for this HUF gets Rs. 250000/- as gift from the father of Karta of HUF. However no income could be generated from the gift money and so during the year total income of HUF is Rs. 250000/- which is in the form of gift. My question is whether HUF will get the benefit of basic exemption of Rs. 250000/- and will not be liable to file any return any pay tax?
CA Suresh Jain
(Expert)
10 January 2017
Yes available ..............
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ashok bhurani
(Querist)
11 January 2017
Thank you very much Mrs. N Jain
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